Bitcoin May See Recovery Potential Amid Fed Rate Decision and Upcoming Inflation Data
Main Idea
The crypto market experienced a decline ahead of the Federal Reserve's rate decision, with potential for recovery depending on upcoming inflation data and policy updates.
Key Points
1. Altcoins dropped between 3% and 10% ahead of the U.S. Federal Open Market Committee’s rate decision, reflecting market caution.
2. Bitcoin (BTC) briefly dipped to $116,950 but recovered above $118,000, while the altcoin market capitalization fell from $1.57 trillion to $1.52 trillion.
3. Layer 1 tokens like Binance Coin (BNB), Cardano (ADA), and Solana (SOL) declined by 3%, 2.6%, and 2.2% respectively.
4. Open Interest (OI) across crypto exchanges dropped from $101 billion to $97 billion, indicating reduced leveraged positions.
5. Upcoming inflation data, specifically the Personal Consumption Expenditures (PCE) report, could act as a catalyst for market rebound if it is softer-than-expected.
Description
Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! Altcoins dropped between
Latest News
- Ethereum Foundation Outlines Potential 10,000 TPS and Quantum Resistance Goals for Future Scalability2025-07-31 19:44:04
- Bitcoin Consolidates Near $117K as Solana’s PUMP Token Sees Possible Buyback-Fueled Rally2025-07-31 19:42:08
- Massive Bitcoin Transfer from Kraken to Unknown Wallet Sparks Market Speculation2025-07-31 19:28:18
- Bitwise Implements SEC’s Crypto ETF Rule Change, Signaling Potential Structural Improvements for Bitcoin Funds2025-07-31 19:26:26
- SEC’s Project Crypto May Support U.S. Efforts to Lead Global Bitcoin Market Through Regulatory Updates2025-07-31 19:13:07